Loans

Home Mortgage Loans
At Wilson Community Credit Union we offer a wide range of competitive home loan options for first-time homebuyers and existing homeowners. We also offer home equity loans and lines of credit for existing homeowners wanting to convert equity into cash. Each mortgage loan application is unique, so for details and information on qualifying for a home loan or home equity product, please contact a credit union representative. 

Second Mortgage- Home Equity Products

Qualified members can get a fixed rate home equity loan or a home equity line of credit. With either option, the funds are secured by the home, provided the home is built on a permanent foundation.  Mobile homes that are attached to the ground by underpinning are not eligible for home equity financing.

Home Equity Loan - Fixed Rate/Fixed Term
With our home equity loan the homeowner borrows a lump sum of money with a repayment obligation similar to that of a traditional fixed rate loan. Our home equity loan carries a fixed interest rate and a fixed term.

Home Equity Line of Credit - HELOC
Our home equity line of credit (HELOC) is a revolving credit line. The homeowner may continue to borrow funds up to the approved limit.  The balance is repaid over time at an interest rate that is subject to change. 

The home equity loan and the home equity line of credit provide some tax advantages that may be useful to the homeowner. We encourage the member to contact a tax advisor for advice on the tax advantages of these products. 

Approved members will be able to access home equity funds via check or cash advance. 

Equity is the difference between the market value of your home and the total amount you owe on the property.